TMX Group selects TCS BaNCS for clearing and settlement businesses

June 28, 2017

TMX Group has chosen Tata Consultancy Services to implement a single, integrated technology platform for Canada’s clearing and settlement businesses. The innovative platform, called TCS BaNCS for Market Infrastructure, will replace the legacy systems deployed by The Canadian Depository for Securities Limited (CDS) and Canadian Derivatives Clearing Corporation (CDCC), subject to regulatory approval where required.

Technology integration across TMX Group’s cash and derivatives clearing businesses is the next significant step in the company’s evolution as a premier client-driven solutions provider to the Canadian and global capital markets. In August 2016, CDS and CDCC began an initiative to align, simplify and integrate risk management tools, operations, systems and business development functions to become more responsive and adaptive in serving client needs. This new solution will enable us to deliver a more seamless client experience between the two clearing houses and provide rich browser-based access and straight-through processing using industry standard messaging through ISO 15022, ISO 20022, FIX and FIXML. Additional benefits to adopting the platform include enhanced reporting and metrics, a streamlined approach to collateral management and the future development and integration of emerging technologies.

“We are excited to begin working with TCS to implement their platform and usher in a new era of integrated, modern technology infrastructure at TMX,” said Jean Desgagné, President and CEO, Global Enterprise Services (GES), TMX Group. “The progress we have made to date in our clearing integration initiative is a strong signal to all of our stakeholders that TMX Group is committed to strengthening Canada’s capital markets to conquer our clients’ newest and next challenges.”

“The selection of TCS BaNCS by TMX Group is a big milestone for us in North America,” added R.Vivekanand, Co-Head, TCS Financial Solutions, “It’s imperative that technology keeps organisations ahead as markets constantly outgrow infrastructure. We have a unique multi-asset class CSD and CCP platform and are delighted to work with TMX Group as they take the Canadian markets into the future.”